WOPEY - Woodside in talks to buy all BHP oil gas assets - report

Woodside Petroleum (OTCPK:WOPEF) is in advanced talks to buy BHP's (NYSE:BHP) petroleum division in a ~A$20B (US$14.7B) deal, the Australian Financial Review reports. Woodside reportedly would offer shares to BHP for the petroleum business, which would then be passed on to BHP's shareholders to ensure there was no change of control as part of the deal. Although BHP makes most of its revenue and earnings from the sale of iron ore and copper, its petroleum unit includes stakes in oil fields in the Gulf of Mexico and Australia's Bass Strait, as well as in Western Australia's North West Shelf and Scarborough projects, both as partners with Woodside. BHP recently said it will allow a vote on an activist proposal at its next shareholder meeting that asks the company to shut down its fossil fuel operations rather than sell them off.

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Woodside in talks to buy all BHP oil, gas assets - report